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Reinventing Authority: Embedded Knowledge Networks and the New Global Finance

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  • Timothy J Sinclair

    (Department of Politics and International Studies, University of Warwick, Coventry CV4 7AL, England)

Abstract

The author challenges common assumptions about the nature of the emerging global economy. Rather than being the product of disembedded market forces, this new global political economy is organized by specialized forms of intelligence gathering and judgment determination inside the new global finance (NGF). These embedded knowledge networks (EKNs) include the major bond-rating agencies, such as Moody's Investors Service, and Standard and Poor's (both based in New York, but increasingly operating internationally). The author analyzes central features of EKNs, including their relationship to social interests, epistemic authority (the consequences that follow from EKN reputational assets), market coordination (the policy implications of EKN transformation of uncertainty into risk), and the complexities that characterize the interaction between EKNs and governments. The author argues that rather than disappearing with the increasing freedom of global market forces in the NGF, authority has been reinvented—characteristically in the form of EKNs—altering the postwar balance of public and private influence on policy formation.

Suggested Citation

  • Timothy J Sinclair, 2000. "Reinventing Authority: Embedded Knowledge Networks and the New Global Finance," Environment and Planning C, , vol. 18(4), pages 487-502, August.
    • Handle: RePEc:sae:envirc:v:18:y:2000:i:4:p:487-502
    DOI: 10.1068/c10c
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    References listed on IDEAS

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    1. Ronald A Johnson & Venkat Srinivasan & Paul J Bolster, 1990. "Sovereign Debt Ratings: A Judgmental Model Based on the Analytic Hierarchy Process," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 21(1), pages 95-117, March.
    2. Michael Moran, 1991. "The Politics of the Financial Services Revolution," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37789-9, December.
    3. Mayer,Colin & Vives,Xavier (ed.), 1993. "Capital Markets and Financial Intermediation," Cambridge Books, Cambridge University Press, number 9780521443975, October.
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    Cited by:

    1. Vanel, Grégory, 2008. "La normalisation financière internationale face à l’émergence de nouvelles autorités épistémiques américaines," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 3.

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